Author: premier radio premier radio

NAN-H-114
Convocation
By Chinyere Nwachukwu
Lagos, Jan. 24, 2017 (NAN) The Vice-Chancellor, University of Lagos, Prof. Rahamon Bello says universities require to explore alternative source of funding in order to protect them from the fiscal instability of the government.

Bello said this in his address at the first day of the 49th convocation of the institution on Tuesday in Lagos.

The News Agency of Nigeria (NAN) reports that 12,617 students were to be awarded with degrees and certificates during the three-day ceremony.

Of the number, 231 graduated in the first class division, out of which two female students made maximum score of 5.00 Cumulative Grade Point Average (CGPA).

According to Bello, the foremost universities in Nigeria should be more than just training institutions.

He added that they need to be commissioned to solve the nation’s problems through research, development efforts and direct challenges by the government.

He commended President Muhammadu Buhari for setting up a committee to negotiate with the university staff unions that recently suspended their warning strike.

“A quick agreement with the unions and prompt government implementation of whatever is agreed will be the panacea for peace and stability in the university system,’’ he said.

Meanwhile the Vice-Chancellor said that the university was proud of the two female students, Miss Taiwo Bankole and Miss Ajoke Omotuyi, for obtaining the perfect score of 5.00 CGPA.

He said they had both matched the feat posted by Mr Ayodele Dada during the 2015 convocation.

Bello said that the university would continue to provide the enabling environment that would set the tone for academic excellence.

He commended President Buhari for the efforts put in place to fight insecurity and corruption, which he described as two canker worms facing the nation.

“The success achieved by the military in flushing out the insurgents from the Sambisa forest is highly commendable.

“Similarly the efforts at changing the mind sets of Nigerians on corruption and related issues have been yielding fruits and need to be sustained.

“All Nigerians must latch onto the ‘Change Mantra’ to free our nation from the burden it carries because of not paying full attention to our infrastructure needs, while developing high taste for foreign goods,’’ he said.

Also speaking, the Chairman, Governing Council of the university, Prof. Jerry Gana, admonished the graduating students to be good ambassadors of the institution, wherever they found themselves.

He also urged them to exhibit good character in their immediate communities, adding that education without character was serious disaster. (NAN)
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Edited by Abdulfatah Babatunde/Felix Ajide

NAN-FE-1

Ford
Detroit (U.S.), Jan. 24, 2017 (Reuters/NAN) In a bid to expand its global auto parts market, Ford Motor Co. is launching a new brand called Omnicraft to sell parts to Ford dealers.

It will also sell to other independent repair shops to fix competitors’ vehicles.

Omnicraft joins Ford’s established Motorcraft, which makes parts for Ford vehicles.

Frederiek Toney, President of Ford’s Customer Service Division, said the global business for automotive parts, which is now estimated at more than $500 billion, and service will expand by 70 per cent in the next six years.

Toney would not say how much of the global market Ford wants to capture, but said that in 10 years the company would be pleased if between10 per cent and 15 per cent of its parts sales were from Omnicraft.

Suppliers will make the parts, and Ford will sell them at a profit, but says they will be competitively priced, in part to attract independent repair shops and its own dealers.

Having the parts for non-Ford vehicles will allow dealers to increase repair and service business, as well as offer an opportunity to convince owners to look over new Ford cars and trucks while they are at the dealership.

At first, Omnicraft parts will be sold at Ford and Lincoln dealerships of which there are 3,200 in the United States and 10,500 globally.

“Omnicraft will be active in Ford’s major markets around the world.

“As the average age of vehicles increases, especially in mature markets like the United States and Europe, there is more of a need for auto parts, which is no secret.

“It behooves us to try to compete for the life cycle of ownership and not to focus as Ford has on the early years of that cycle,’’ Toney said.

In the U.S. market, the average age of a vehicle on the road is more than 11 years. (Reuters/NAN)
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Edited by Abdulfatah Babatunde/Felix Ajide

Fintech platforms add Islamic finance capabilities

NAN-HE-2

Goldmoney

Dubai, Jan. 24, 2017 (Reuters/NAN) A Canadian fintech company, Goldmoney Inc (XAU.TO), has certified its gold-based financial products as sharia-compliant, the latest firm to combine blockchain technology to tap demand from Islamic investors.

The move illustrates how fintechs, companies that use innovative technology to revamp banking services, are broadening their footprint to include the core markets for Islamic finance in the Middle East and Southeast Asia.

Goldmoney provides financial products that are fully-backed by reserved gold and so fall in line with guidance issued in November by the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions.

The firm began exploring sharia compliance in March of last year, said Alasdair Macleod, the firm’s Head of Research, adding its products will range from wealth management to the remittance market.

“We are already seeing growing demand from Muslim-majority countries, and take the view that being sharia-compliant will considerably raise our profile in this important market.’’

Goldmoney says it has more than 1.3 million users across 150 countries and administers $1.7 billion in client assets.

Blockchain, a system that first emerged to facilitate digital currency bitcoin, involves a shared electronic ledger that allows all parties to track information through a secure network, removing the need for third-party verification.

Islamic finance follows religious principles such as a ban on gambling and outright speculation, but until now the sector has focused on traditional retail banking services.

Fintech, however, could help Islamic banks become more efficient and scale up their operations, according to the Central Bank of Malaysia, which said last year it was reviewing regulations to address fintech firms.

Islamic banks in Malaysia hold around a fifth of total assets and some are already involved in fintech ventures.

In February, a group of six Islamic lenders launched an internet-based investment platform to serve as a central marketplace to finance small and medium-sized businesses.

Malaysia-based HelloGold has also launched a sharia-compliant online platform that uses blockchain.

“This allows for more direct transactions and lower costs.

“While it’s too early to determine fintech firms’ impact on financial stability, potential regulations could help ensure consumer protection,’’ said Chief Executive, Robin Lee.

“Promoting competition is key as fintechs are likely to target under-served consumers and the unbanked and to drive cost to consumers down.’’

HelloGold is currently rolling out its product in Malaysia with plans to enter Indonesia, the Philippines and Thailand later this year, and China by 2019. (Reuters/NAN)

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Edited by Abdulfatah Babatunde/Maharazu Ahmed

NAN-FE-11

Withdrawal

Washington, Jan. 23, 2017 (Reuters/NAN) President Donald Trump signed an executive order formally withdrawing the United States from the 12-nation Trans-Pacific Partnership (TGPP) trade deal on Monday in Washington.

This is in line with a promise made during his campaign last year.

In an Oval Office ceremony, Trump also signed an order imposing a federal hiring freeze and a directive banning U.S. non-governmental organisations receive federal funding from providing abortions abroad.

Trump called the TPP order a “great thing for the American worker.” (Reuters/NAN)

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Edited by Abdulfatah Babatunde/Tajudeen Atitebi

NAN-H-106
Legacies
By Chinyere Nwachukwu
Lagos, Jan. 23, 2017 (NAN) The Pro-Chancellor, University of Lagos, Prof. Jerry Gana, has described the 2015/2016 two best graduating students, who are females, as role models of the institution.

Gana told the News Agency of Nigeria (NAN) on the side-line of the unveiling ceremony of legacy projects of the university on Monday in Lagos, that the female students recorded maximum 5.00 Cumulative Grade Point Average (CGPA).

The two female students are: Miss Taiwo Bankole from the Department of Cell Biology and Genetics and Miss Ajoke Omotuyi from the Department of Systems Engineering.

The duo, who were among the 231 First Class students that would be graduating during the institution’s 2016 convocation, had matched the enviable record set by Mr Ayodele Dada, with similar score during the 2015 Convocation.

According to Gana, the two female students are a pride, not just to their parents, but both the university and Nigeria.

“I congratulate these two ladies as we are delighted to have them match the strength of men academically.

“What they have done simply shows there is still so much zeal for hard work, discipline and dedication among some students.

“I want to task the university not to relent in its drive to produce students with good leadership quality because academics are about character and learning,’’ he said.

According to him, this is the only way to take the university and the country to the next desired level.

“I want the university to continue with its excellent work, as the feat obtained by the girls, including Dada in 2015, is a combination of excellence in teaching under a conducive environment.

“It is equally the combination of the dedication by both the students and staff because no matter how much we teach excellently and provide the right environment, if the students are not serious, not much can be achieved,’’ he said.

Earlier in his opening remarks, the Vice-Chancellor of the university, Prof. Rahmon Bello, said that the university was building on the glory and commitment of its predecessors.

Bello said that each of the eras of the academicians and astute administrators were full of developments and legacies.

“This is what has inspired the University Senate to direct that all of them be honoured in ways that their names would be immortalised in the annals of the university.

“Today, we are renaming six major facilities after some of our past vice-chancellors for generations after us to remember them for what they stood for,’’ he said.

NAN reports that the institution’s Main Auditorium has been renamed as Prof. Ade Ajayi Auditorium and the Second Access Road of the institution as Prof. Akinpelu Adesola Road.

The others are: the Radiography hostel to be known as the Kwaku Adadevo Hostel and the Distance Learning Institute (DLI) auditorium as the Nurudeen Alao Auditorium.

The Multi-purpose Hall is now known as Jelili Omotola Hall, while the Staff School hall has been renamed after Prof. Tolu Odugbemi. (NAN)
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(Edited by Abdulfatah Babatunde/Adeleye Ajayi)

NAN-FE-4

Crude

Beijing, Jan. 23, 2017 (Reuters/NAN) Russia overtook Saudi Arabia in 2016 to became China’s biggest crude oil supplier for the first year ever, boosted by robust demand from independent Chinese “teapot” refineries.

Customs data showed on Monday that Russian shipments surged nearly a quarter over 2015 to about 1.05 million barrels per day (bpd), with Saudi Arabia coming in a close second with 1.02 million bpd, up 0.9 per cent in 2016 versus the previous year.

China is the world’s second-largest oil buyer and the fastest-growing major importer.

While Saudi Arabia counts China’s state oil firms as backbone clients through long-term supply contracts, China’s independent refineries, nicknamed “teapots” due to their smaller processing capacity, saw Russia as a more flexible supplier.

For the teapot plants, authorised to import crude oil for the first time in late 2015, shipments from Russia’s Eastern ports are easier to process, coming in smaller cargo sizes at a closer proximity.

Russia may be able to maintain the top spot in 2017 as it expands exports of its East Siberian-Pacific Ocean (ESPO) pipeline blend crude.

Meanwhile, Saudi Arabia is set to shoulder the lion’s share of supply cuts agreed to last year by OPEC and non-OPEC producers.

“OPEC cuts means Gulf producers take a hit in terms of market share, even though most of their cuts are to Europe and U.S.

“Russia has an ESPO expansion coming up as well as supplies via Kazakhstan earmarked for China,’’ said Michal Meidan of Consultancy Energy Aspects.

State-run Saudi Aramco is expected to look to a new refinery under state-run CNOOC to lift sales.

For December, Russia also held the top spot with supplies up 4.8 per cent from the same month a year earlier at 1.19 million bpd.

Saudi sales dropped nearly 20 per cent from a year earlier to 841,820 bpd, data from the Chinese General Administration of Customs showed.

Total crude oil imports in December hit a record as refiners stepped up purchases ahead of a deal by oil-producing countries to reduce supply and bolster prices.

For the whole of 2016, imports gained nearly 910,000 bpd over 2015, the strongest annual growth on record and mostly driven by teapot buying.

Third-largest supplier, Angola, shipped 13 per cent more crude last year versus 2015, while No. 4 seller Iraq recorded similar growth.

China also boosted imports from South American producers last year with growth of 37.6 per cent from Brazil and 26 per cent from Venezuela, the data showed.

Imports from Iran expanded nearly 18 per cent last year to a record 624,260 bpd, as Chinese state oil firms started to lift barrels from their investments in Iranian oilfields in addition to term supply agreements. (Reuters/NAN)

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Edited by Abdulfatah Babatunde/Tajudeen Atitebi

NAN-FE-3

Powell

London, Jan. 23, 2017 (Reuters/NAN) Royal Dutch Shell’s Head of Exploration Ceri Powell is to step down next month.

Shell said in a statement on Monday in London that Powell’s stepping down was capping three years in office, marked by sharp cutbacks in the company’s search for new oil and gas reserves amid the industry’s deep downturn since mid 2014.

Powell, a geologist who joined Shell in 1990, will depart on Feb. 13 and become managing director of Brunei Shell Petroleum the following month.

He will be replaced by Upstream Strategy Vice-President, Marc Gerrits, who started his career in Shell in 1986 as an exploration geologist in Australia. (Reuters/NAN)

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Edited by Abdulfatah Babatunde/Silas Nwoha

NAN-H-31
Tax
Lagos, Jan. 21, 2017 (NAN) The Muslim Congress (TMC), a faith-based organisation, has advised the Federal Government to expand the tax net by bringing more people into the net as tax payers.

The chairman of the organisation’s Committee on Social Mobilisation, the Economy and Politics, Dr Luqman AbdurRaheem, gave the advice during the  “5^th State of the Nation Quarterly Address’’ of the organisation, presented on Saturday in Lagos.

AbdurRaheem said that more revenue would come in through this method, rather than increasing the tax payable by already-impoverished Nigerian workers.

He said the percentage contribution of tax to Nigeria’s GDP was very low and, therefore, should be addressed.

“The issue of taxation will have to be addressed critically because the percentage contribution of tax to GDP in Nigeria is very small.

“One of the problems is that of collusion of tax officials with tax payers, leading to lower generation.

“The second problem is that too many citizens are out of tax net; they need to be encouraged and brought into the tax net rather than increasing tax rates.

“If you bring more people into the tax net, you are going to collect more revenue,’’ he said.

AbdurRaheem also observed that there were defects in budgeting in Nigeria, which he said, had remained unsolved till date.

“The defect has to do with allocation of salaries and allowances, which are lopsided in favour of politicians and top-flight civil servants at the expense of the masses, who are told to survive on a minimum wage of N18,000 per month.

“This is one of the structural defects of our budget which need to be corrected.

“We, therefore, want to urge the Revenue Mobilisation Allocation and Fiscal Commission to look into the salary of public servants and political office holders,’’ he said. (NAN)
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(Edited by Adeleye Ajayi)

NAN-H-30
Infrastructure
By Abdulfatah Babatunde
Lagos, Jan. 21, 2017 (NAN) A Faith-Based Organisation (FBO), “The Muslim Congress (TMC)”, has commended the Federal Government for allocating substantial funds in the 2017 budget to critical infrastructure.

The Chairman of the FBO’s Committee on Social Mobilisation, the Economy and Politics, Dr Luqman AbdurRaheem, gave the commendation in his “5^th State of the Nation Quarterly Address’’ presented on Saturday in Lagos.

“The backbone of our economic development is the provision of infrastructure such as rail, road and electricity.

“It is therefore, commendable that government is working toward these in the 2017 budget.

“We commend the Federal Government for agreement with Morocco to manufacture fertiliser locally, thereby, reviving the abandoned Nigerian fertiliser blending plant.

“Through this agreement, local raw materials available will be used optimally and imports will be drastically reduced,’’ AbdurRaheem said.

According to him, a lot still needs to be done for this budget to get us out of recession that has brought so much pains, deprivation, hunger to so many families in Nigeria.

“Defeat of Boko Haram: We commend the Federal Government and the Military Force for the gain it has recorded to further decimate the Boko Haram by capturing their stronghold in Sambisa and arresting over a thousand fighters.

“The dreaded Boko Haram lost its potent force when it came against spirited determination of the Federal Government and the resolve of the armed forces, couple with the right armaments and ammunition.

“This is a laudable effort which must be sustained,’’ AbdurRaheem said.

He also commended the effective move by Federal and some State Governments to diversify the economy with a view to bailing the country out of recession.

AbdurRaheem, particularly, commended Ebonyi, Lagos and Kebbi states for successfully producing rice in large quantity to feed the Nigerian populace, thereby conserving the scarce foreign exchange that could have been used to import the commodity.

“The 36 states of the federation and Federal Capital Territory Abuja, are supposed to compete in the diversification projects, since they are closer to the people than the Federal Government.

“This is why we commend Ebonyi State for the Abakaliki rice that it has successfully produced in large quantity.

“We also commend Lagos and Kebbi States for the Lake rice that they have produced in large quantity as well.

“It is needless to say that this development has helped in mitigating hunger in these states.

“It is commendable that these states sought to think out of the box with positive impact on their people and the economy,’’ he said.

According to him, this diversification must not be limited to production of rice alone but must be extended to include wheat, beans, yam, corn and other essential foods in Nigeria.

“Other states should not fold their arms but rather join in the struggle for economic diversification by making large investments in agriculture, thereby, providing jobs and food security for their people,’’ AbdurRaheem said.

He, however, expressed dismay with the abysmal performance of the electricity sub-sector.

AbdurRaheem, who is a Senior Lecturer at the Yaba College of Technology, Lagos, said the fall in electricity supply had contributed to keeping people idle, while they waited on Distribution Electric Companies (DISCOs) for supply.

“People had expected that there would be a better supply of electricity and the metering of many homes that are suffering under the weight of estimated billings.

“The initial improvement in electricity supply has stagnated in the past few months and people have had to resort to supplying their energy needs through the use of generators at exorbitant costs.

“This is not good news for a nation in the throes of recession,’’ he said. (NAN)
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NAN-H-91
Feeding
By Olayinka Olawale
Lagos, Jan. 19, 2017 (NAN) Some stakeholders in the education sector have appealed to the Federal Government to extend implementation of “a-meal-a-day” feeding programme for primary school pupils to other parts of the country.

They told the News Agency of Nigeria (NAN) in separate interviews on Thursday in Lagos that government should avoid piece-meal implementation of the programme in the interest of the children.

NAN reports that the Federal Government had on Jan. 16, announced the release of over N400 million to five states in continuation of the Home Grown School Feeding Programme tagged, “a-meal-a-day”, a component of its Social Investment Programme.

The states include Anambra, Ebonyi, Enugu, Ogun and Oyo that started the programme in 2016.

According to the 2016 national budget, 5.5 million Nigerian primary school pupils are expected to be fed for 200 school days under the programme.

Government had appropriated N93.1 billion for the feeding scheme.

Mr Adeolu Ogunbanjo, the Second Vice President of the National Parents Teacher’s Association (NAPTAN), commended the Federal Government for starting implementation of the policy this year.

Ogunbanjo, however, frowned at the selective system of implementation as government started with just five states.

He said every Nigerian child deserves to benefit from the programme at the same time.

“Why are they doing it in piecemeal? Why should they be selective?

“There should be equality, so why should some states start before the others.

“If they want to start the implementation, let them start at once, and if they know they cannot fulfil it, let them tell us.

“It means they have failed in their campaign promise.

“I will appreciate if it can be done concurrently in all states, because this piecemeal implementation showed that you prefer one state to another and that is not too tidy,’’ he said.

Ogunbanjo urged the Federal Government to act fast on all campaign promises made almost two years into the tenure.

Also speaking, a retired Guidance and Counsellor, Mrs Grace Ojo, said government should avoid any strategy that might endanger the zeal of the children.

Ojo told NAN that many children were already salivating for the free meal, adding that many of them were attending school because of the government promise.

“As children, the free meal will boost their morale to want to attend school at all cost.

“So any mistake or delay of the programme may have consequences.

“It is about 20 months into this administration without the food; I believe this should have been the first policy to be implemented.

“Every child is equal; all states are equal too; so whatever is hindering the smooth take-off in all the states should be tackled urgently.

“The policy, if properly implemented, will boost pupils performance, increase enrolment level and reduce the number of out of school pupils,“ she told NAN.

A parent, Mrs Aminat Mohammed, also advised the government to extend the free meal to children in disadvantage states.

Mohammed, a trader, told NAN that children from very poor family would benefit more and appreciate government gesture towards them.

“I am appealing to government to fulfil its promise to all Nigerian children,’’ she said. (NAN)
OOG/AIB/AFA
Edited by Abdulfatah Babatunde/Felix Ajide